You need to start calling contractors and have them come out and scope this work out.

Also doesn't hurt to pick a city with more than one management option, in case your first choice doesn't work out. 

Find a good worker to run jobs and sub-contract all major work out.

If that doesn't work out as I hope, then it might be looking to see if I can open a larger line of credit with a bank (knowing I will be doing my future mortgage with them) or a personal loan / private lender for the next down payment.

Thanks, Jaysen,I understand it's not going to work out exactly as I've written it, but I would like some more specific guidance per my question in the body.

in the long run, the numbers do seem to work out if you refinance, on a monthly basis you would actually have cash flow. 

We own a real estate brokerage so we have access to the feeds but you may be able to work out a deal with an agent in your area.

Is there any downside to them if this deal doesn't work out?

Check the comps for rentals in that area if everyone that has that price point of rent is paying utilities it may not work out.

One of my concerns is if the value add does not work out or the deal starts to slide due to a recession or other reason, the institutional partner could decide to sell without letting the other limited partners have a say (say via a vote) and thereby force us to sell at a depressed valuation since it would be unlikely we would have the ability to raise sufficient equity to buyout the institutional partner at that time.